Finance, Insurance sector records 23.24% growth in Q1 2022




The Finance and Insurance sector witnessed a growth of 23.24 per cent, higher by 23.70 per cent points from the rate recorded in the 2021 first quarter and down by 0.90 per cent points from the rate recorded in the preceding quarter.

According to the first quarter Gross Domestic Product report released by the National Bureau of Statistics (NBS), the quarter-on-quarter growth in real terms stood at 5.01 per cent.

During the period under review, the contribution of Finance and Insurance to real GDP totaled 4.51 per cent, higher than the contribution of 3.77 per cent recorded in the first quarter of 2021 by 0.74 per cent points, and higher than 3.66 per cent recorded in the fourth quarter of 2021 by 0.84 per cent points.

In nominal terms, however, the sector’s contribution to the overall nominal GDP was 3.80 per cent in the first quarter of 2022, higher than the 3.25 per cent it represented the previous year, and higher than the contribution of 3.10 per cent it made in the preceding quarter.

The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, which accounted for 89.12 per cent and 10.88 per cent of the sector respectively in real terms in the first quarter of 2022.

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